Accounting News & Commentary
Should I Itemize or Take the Standard Deduction? Limitations on Schedule A
The Tax Cuts and Jobs Act (TCJA) enacted in 2017 had significant changes to itemized deductions and standardized deductions. There is now a $10,000 limit on state and local taxes. Types of state and local taxes include: real estate taxes, state income tax withheld...
Using Tax Software, Think Again
Tax Software versus Tax Professional
More on AB5: Common Law Rules versus California regarding Independent Contractors
Small businesses are threatened by AB5, the new Independent Contractor law, and as a result of the sweeping changes some may end up going out of business. The following will help you figure out what you need to know and do to survive AB5. The chart below depicts the...
Are miscellaneous itemized deductions allowable?
Miscellaneous itemized deduction rules recently changed and are not allowable for Federal Tax purposes but they are still allowable for California Tax purposes. Miscellaneous itemized deductions are certain business and non-business expenses that individuals as...
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